Flipkart to expand logistics and data storage capacity
Flipkart plans to expand and improve its logistics and data storage capabilities. The e-commerce company has entered into a commercial partnership with multinational conglomerate Adani Group to achieve this goal. The e-commerce company and its payment app PhonePe both showed continued and strong growth in the first quarter of the 2022 financial year and contributed to parent company Walmart International’s overall growth.
Headquarted in Bengaluru, and incorporated in Singapore as a private limited company, Flipkart has a dominant position in apparel segment, bolstered by its acquisition of Myntra. In August 2018, US-based retail chain Walmart acquired 77 per cent controlling stake in Flipkart for $16 billion, valuing Flipkart at around $20 billion. In Q1FY22, Walmart reported a 5.1 per cent market growth led by Flipkart and Canada. However, its revenues declined by 8.3 per cent to $27.3 billio due to government-mandated restrictions in certain areas.
